Gold extends losses, silver tumbles on global cues

Gold extended losses at the bullion market here today on hectic unwinding from stockists and investors following a slide in the international markets.

Tracking the yellow metal, silver also tumbled and fell back to mid-54,000 levels due to heavy speculative selling and absence of industrial support.

Standard gold (99.5 purity) shed Rs 395 to close at Rs 29,285 per 10 gm from Thursday's closing level of Rs 29,680.

Pure gold (99.9 purity) lost Rs 415 to end at Rs 29,420 per 10 gm from Rs 29,835 previously.    

Silver ready (.999 fineness) plunged by Rs 1,090 per kg to finish at Rs 54,575 from Rs 55,665 yesterday.    

In New York, gold fell sharply after US Federal Reserve Chairman's Congressional testimony which indicated no signs of further stimulus measures to boost the world's largest economy, denting investor sentiment.    

Gold for August delivery slumped by $46.20 to $1,588 an ounce on the Comex division of the Nymex late yesterday. July Silver lost 96 cents to $28.53 an ounce.